Your water heater is sufficient for one person but most sites I've seen would say it is undersized for  2+ people which would be normal in a 2BR apartment.Instead of adding a new hot water heater, another option might be to add a parallel 20-gallon heater. 

Not saying this is a great idea but just trying to give an example of creative options.

You will have no equitable interest in the property based on the Master lease, so I would suggest also having an Option contract in place to secure your right to purchase the properties.

This was originally meant to be a flip but decided to keep it before looking into PMs and there aren’t many options.

The big markets and their suburbs are likely seeing too high demand for "easier" cash flow options.

I'm not sure what other options we have and would love to hear. 

However, life can get complicated, and if you find yourself needing more time to gather your documents and complete your tax return, there's an option available: filing for an extension.Understanding the Extension ProcessTaxpayers who require extra time to file must submit a request for an extension by April 18.

Is it really that good given the high premium and lack of ability to change many options?  

I am selling the property with terms to Seller Carry or partner up with a developer or if the franchise brand wants to build to suit with a ground lease then I am all open to any of these options.  

I will add clauses to the lease so that the tenant must cover costs of repairs and maintanance on GD, and a clause allowing me the option to remove the GD at my discretion.